Short Term XAGUSD Elliott wave forecast suggests that the rally to 17.25 ended wave X. Decline from there is unfolding as a FLAT where wave (a) ended at 16.64, wave (b) ended at 17.21 and wave (c) of ((w)) is expected to complete soon although marginal low is still expected towards as low as 15.8. Afterwards, the metal is expected to bounce in wave ((x)) to correct cycle from 12/7 high (17.22) before the decline resumes. We don’t like buying the proposed bounce and expect sellers to appear again after wave ((x)) bounce is over as far as pivot at 12/7 high stays intact.
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